Earnings-fuelled buying lifts Midcap index to 52-week high; Sensex, Nifty edge higher

The stock market edged higher on Monday, supported by gains in midcap stocks and select financial and consumer names, even as large-cap indices underperformed.

The benchmark BSE Sensex rose 40 points to end at 83,978, while the NSE Nifty 50 advanced 41 points to 25,763. The broader market outperformed, with the Nifty Midcap 100 index gaining 462 points to 60,287 after hitting a 52-week high of 60,400 - its highest level since October 2024. The Nifty Bank index rose 325 points to 58,111.

Investor sentiment was boosted by strong quarterly earnings from several midcap and financial sector companies.

“We are at a situation as a cusp of massive earnings recovery, and I believe in the next one year, you will see all the domestic cyclical sectors which are predominantly into banking, financials, auto, auto, ancillaries, cement, which, anyway, is showing good results, we are going to see a good tailwind of growth coming in, name it which is linked to the domestic economy that is where we see a good possibility of growth," George Joseph, Chief Investment Officer & CEO- Equity, ASK Investment Managers told CNBC-TV18.

Aditya Birla Capital extended gains for the second straight session, rising 3% after a solid second-quarter performance. Capital market-linked stocks such as BSE, Angel One, and MCX climbed around 3% each.

Among top movers, Vodafone Idea surged 10% and Indus Towers rose 5% after the Supreme Court clarified its order related to adjusted gross revenue (AGR) dues, easing investor concerns. Phoenix Mills gained 4% after reporting continued strong sales momentum, while Vedanta rose 4% on robust operational metrics.

Godrej Consumer Products added 5% after posting in-line second-quarter results despite a challenging environment. GE Vernova, LG Balakrishnan, and Thangamayil Jewellery advanced between 5% and 20% on strong earnings. Shriram Finance and Bank of Baroda also gained 5–6% after better-than-expected results.

On the downside, Patanjali Foods dropped 4% despite healthy quarterly numbers, and Tata Chemicals fell 2% post-results. Maruti Suzuki slipped on profit booking after reporting results in line with estimates, emerging as the top Nifty loser.

Among other movers, Tata Consumer Products ended near the day’s high with a 3% gain after posting better-than-expected core earnings. M&M, SBI, and IndiGo also closed higher, while Titan fell ahead of its quarterly results. Dredging Corporation hit a 20% upper circuit after signing new maritime MoU deals, and Zen Technologies rose 4% on winning a ₹289 crore anti-drone system order.

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